Introduced with the Tax Laws Amendment (2012 Measures No. 2) Bill 2012, the bill imposes a pay as you go (PAYG) withholding non-compliance tax on directors and, in some circumstances, their associates where their company has a PAYG withholding liability for an income year and the director or associate is entitled to a credit for amounts withheld by the company during the income year.

Requires a minister to seek the Queen’s in-principle agreement to establish The Police Overseas Service (Territories of Papua and New Guinea) Medal as part of the Australian honours system to be awarded for service undertaken by members of Australian police forces who served as part of the Australian administration of the Territories of Papua and New Guinea between 1 July 1949 and 30 November 1973.

Part of a package of 11 bills, the bill imposes petroleum resource rent tax at a rate of 40 per cent on the profits of certain petroleum projects, to the extent that it is neither a duty of customs nor a duty of excise.

to: extend the petroleum resource rent tax (PRRT) to apply to all onshore oil and gas projects, as well as the North West Shelf project; apply the PRRT to shale oil and coal seam gas not subject to the minerals resource rent tax; establish the timing for deriving assessable receipts for petroleum projects; provide that certain receipts or service provision are assessable receipts; provide that expenditure in relation to environmental expenditure, resource rent tax expenditure and native title payments are deductible; enable certain interest holders to choose and apply a starting base valuation in relation to their interest; and reflect the Clean Energy Future package;

Petroleum Resource Rent Tax Assessment Act 1987

and

Income Tax Assessment Act 1997

to provide that certain groups of entities may form consolidated groups for PRRT purposes; and

to implement amendments to Annex I to the International Convention for the Prevention of Pollution from Ships to ban the use or carriage of heavy grade oils on ships travelling in the Antarctic Area except when vessels are engaged in securing the safety of ships or saving life at sea.

to: establish the Parliamentary Budget Office and the position of Parliamentary Budget Officer to provide independent and non-partisan analysis of the budget cycle, fiscal policy and the financial implications of proposals; and provide for the functions and governance of the Office;

Charter of Budget Honesty Act 1998

to provide that parties with at least five members in Parliament may request election costings from the Departments of Treasury and Finance;